Competitive Advantage With Mobile Payments

Is your business taking advantage of mobile payments? If not, there's no better time than the present. Smartphones have become thoroughly embedded in the day-to-day lives of their owners. Consider this: On average, owners first check their smartphones at 7:31 AM, and they spend an average of 3 hours 16 minutes using their phones every day.

Just as importantly, the vast majority - 84 percent - of smartphone owners are now comfortable with the idea of using these devices to make small or medium-sized purchases. Going even further, two-thirds of consumers under age 40 would like to see more retailers offering mobile purchasing options. At the same time, though, approximately half of all consumers are not familiar with mobile wallet or NFC technology.

All of this creates a tremendous opportunity for businesses. By acting quickly, firms can cater to this large and growing market, enjoying a major competitive advantage in the process.

To that end, you need to develop high-quality mobile payment apps, which requires firms to address a number of key issues:

• Scope: Will the app exist on multiple platforms, or just one?• Features: How will the app process transactions?• Tools: What's the best programming language to use?• Security: How can you maximize data protection every step of the way?• Testing: How will you limit the risk of a crash?

That may seem like a lot to keep in mind, and it is. That's why it's so valuable to partner with an industry-leading mobile development firm like Syrinx.

To highlight the value of partnering with Syrinx for mobile payment app creation, consider the case of Cumberland Farms. We developed and launched a mobile pay app for Cumberland in nine months. One year later, that app had delivered $100 million in incremental revenue.